Expectations of growing global demand for oil in a strengthening economy helped crude oil prices gain momentum in Wednesday trading.
The International Energy Agency, an organization with headquarters in Paris, said in its monthly oil market report it raised its global oil demand for 2015 by 90,000 barrels per day to 93.6 million bpd.
Oil markets have faltered as supplies continue to outweigh demand as the global economy struggles to gain traction after the worldwide recession.
The price for Brent, the global benchmark, gained 1.3 percent from Tuesday to trade at $59.23 per barrel for the May contract. Signs of a modest improvement in the European economy helped push oil prices up this week, with Brent up a solid percent for the week and nearly 7 percent for the month.
IEA's forecast for global oil demand was 1.1 million bpd above last year's forecast on signs of a "a steadily improving global economic backdrop."
The increase in demand corresponds with a rise in global oil supplies. IEA said production from the Organization of Petroleum Exporting Countries was "sharply higher" in March, though most of the year-on-year gains were split between OPEC and non-OPEC members.
A U.S. report finds oil production tops 10 million barrels per day by 2020, but then fades. Full-year average U.S. oil production for 2015 is forecast at 9.2 million bpd.
The price for West Texas Intermediate, the U.S. benchmark, gained nearly 2 percent early in the Wednesday session to trade at $54.33 per barrel. WTI is up 13 percent since the start of April.
